Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience
Investors King
by Samed Olukoya
1d ago
Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers. With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs. The website boasts a range of innovative features that make navigating insurance options easier than ever before. From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every st ..read more
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Nigeria Hits Historic High as Currency in Circulation Surges to N3.69 Trillion
Investors King
by Samed Olukoya
1d ago
Nigeria’s currency in circulation surged to a historic high of N3.69 trillion, according to data released by the Central Bank of Nigeria (CBN). This figure represents an increase of N43.07 billion or 1.18 percent from the total of N3.65 trillion reported in January 2024 and a 13.64 percent year-on-year rise from N3.25 trillion reported in February 2023. Currency in circulation encompasses the physical cash, including paper notes and coins, actively used in transactions between consumers and businesses within the country. The latest statistics indicate a considerable uptick in the availability ..read more
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Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles
Investors King
by Samed Olukoya
1d ago
Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday. Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69. The recent downtrend in oil prices comes after they reached their highest level since October last week. However, ongoing concerns regarding burgeoning U.S. crude inventories and unc ..read more
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Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government
Investors King
by Samed Olukoya
1d ago
Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja. During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments. He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve ..read more
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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge
Investors King
by Samed Olukoya
2d ago
As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures. The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy. Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worr ..read more
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Nigerian Naira Surges to N1,350 per Dollar in Parallel Market
Investors King
by Samed Olukoya
2d ago
The Nigerian Naira has appreciated to N1,350 per dollar in the parallel market, a significant gain from its previous rate of N1,430 per dollar just a day earlier. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar, indicating an upward trend across key forex segments. Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on the previous day, representing a gain of N25.09 for the naira. This surge in the naira’s value has widened the margin between the parallel market rat ..read more
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Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies
Investors King
by Samed Olukoya
2d ago
Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies. The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports. Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil ..read more
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CBN Governor Reveals $2.4 Billion Forex Forwards Under Investigation
Investors King
by Samed Olukoya
2d ago
Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) disclosed that law enforcement agencies are currently investigating foreign exchange forwards valued at $2.4 billion. This announcement came in the wake of the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, March 26. Governor Cardoso shed light on the meticulous forensic audit conducted on these transactions, which uncovered numerous discrepancies, rendering them ineligible for payment. The CBN, while settling certain tranches of FX backlog, encountered transactions riddled with issues concerning their authenticity ..read more
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From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks
Investors King
by Samed Olukoya
2d ago
Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers. This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider. The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility. Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases ..read more
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U.S. Prosecutors Hit KuCoin and Founders with Money Laundering Charges
Investors King
by Samed Olukoya
2d ago
KuCoin, a major crypto exchange, along with its founders Chun Gan and Ke Tang have been charged by U.S. federal prosecutors with violating anti-money laundering (AML) laws. The charges allege that KuCoin operated as a money transmitting business in the U.S. without proper registration or implementation of AML measures. Investors King gathered that the indictment disclosed that KuCoin’s actions facilitated the laundering of proceeds from various illicit activities, including sanctions violations and fraud schemes. Despite its substantial user base, KuCoin purportedly failed to adopt adequate AM ..read more
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